May 2019

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« Studies in Emergent Order | Main | It's the Scope not the Scale; or "The Rest is Just Scribbling and Bibbling" »

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Excellent. The reason this is good is because most readers will know the difference between the Olive Garden and a true Italian restaurant. But the fact that the Olive Garden does so well means that either many people don't know the difference or that they don't like Italian food (analogous to the free market).In either event, we shall have to spend at least the next 20 years disabusing people of the idea that the free market led us into trouble. Keep in mind many people still believe Hoover was for laissez-faire.

Great article.

The thing that really irks me however is when actual economists like Krugman, Stiglitz, DeLong and others use this type of terminology...and seem to believe it.

When a lightweight like Juan Williams uses this type of language as Klein describes, it's bad enough. Klein is right to say that Williams:

"has the political-economy understanding of a fifth-grader"

But what about actual economists?

Outside of popular jargon, the term "Free Markets" actually has a real meaning on both an analytical and prescriptive level.

Economists like those I mentioned must surly know what those real meanings are...right?

Yet, no matter how many times I see economists take shots at Bush with terms like "Free Marketeer" or Greenspan with the same words and "Randian" and "Libertarian", I can't help but steam a little inside.

I don't know how many times to no avail I have asked what is so "Randian" about Greenspan's policy record at the Fed. Same for Bush on "Free Market Ideology". Like I've said, I don't care how much of a fan Greenspan is of Rand in his private life. It has absolutely no substantive relevance in informing Greenspan's actions in his government post.

Greenspan may also have been a fan of Flash Gordon or the Green Arrow in his youth. SO what?

If Obama uses the trillion-dollar stimulus to give everybody salad and garlic bread, I'll stop whining.

From an interview with Ray Liotta:

As an Italian American, are you infuriated by those Olive Garden commercials?
No. When I first came out to Los Angeles, it was a cheap meal. I would go there with my paper because it was fairly inexpensive and it was good. So I have a fondness for it because it got me through some tough times.

I am both an econ. student and an Olive Garden server, and I couldn't agree with that analogy more.

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